Australia NAB Business Confidence was unchanged at -1 in Q4. Current Business Conditions, improved from 2 to 4. However, Business Conditions for the next three months dropped from 10 to 9, for the next 12 months dropped from 20 to 16.

Alan Oster, NAB Group Chief Economist: “The survey broadly fits with our overall read of the economy. A weak private sector – particularly in the consumer space and only modest inflation pressure. There also appears some risk around the outlook for the labour market and business investment. We think more policy support is needed and that this is still likely to occur in 2020, but for now the RBA appears in wait and see mode with labour market conditions still faring well”.

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